Ok so on initial startup I hear a knocking noise almost sounding like the rocker arms. The engine has about 124,000 miles on it and was wondering should I take the time to take the efi vacuum cleaner looking intake and valve covers off to lash the valves? I checked the oil and it's fine (full) so I'm assuming the oil is getting up into the heads...
Worn lifters would be my guess. Especially since it calms down once its warmed up. Otherwise, it could be a weak oil pump or the oil isn't right for the engine.
I go 10W-30 in Summer and 5-30 in Winter. My engine only has 4,000 since a full rebuild. The older they get, the thicker the oil, but you could easily replace one or two weak lifters. Use a mechanic's stethoscope (or long screw driver with the handle on the ear bone) to nail down the culprit(s). Soak the new ones in oil overnight.
I'd run a few oil change intervals with this stuff; www.auto-rx.com I would also guess that you do not have adjustable rockers.
As a former Ford dealership mechanic, I have to go with a suspect oil pump, possible clog within the cam oil holes and of course worn lifters not up to speed . Lifters expand when they warm up so the fact that the noise goes away is telling . I can tell ya this , the Dry starts really worry me . It's money in the bank to pull a cam and check the oil holes first on a Ford ! Ed Shaver
Man this really stinks I keep thinking I should find another 302 from a junk yard and rebuild it so I can just swap it. I feel for me swapping a engine out would be easier than just swapping out the cam and lifters and if it's a oil pump too or not same thing i rather just rebuild so I guess I'm on the look for one and a cheap machine shop to help with certain stuff like cam bearing install, etc.
The 302's are pretty solid on the bottom end, but finding a cheap machineshop isn't a good thing. You'd be better off getting a crate engine from a reputable company, with a decent warranty. At 124,000 miles, it probably needs a refresher, and I'd do a rebuild, if I had to take the motor out, too. If you can afford to be without the car for a couple weeks, take it out, and have a shop check the block, crank, pistons, etc. and do it yourself. New bearings, new cam bearings, etc.
Holy crap, a little noise you haven't heard, and you guys have him rebuilding or replacing a pooched engine! Sheesh! Glad you're not my mechanics.
LOL....yeah....noises are a funny thing and almost impossible to describe. You would have to hear that noise to make any kind of diagnosis. One man's thump is another man's knock.
And a supercharger. 4:11 rearend and a nitro kit. Not often we get so lavish with OPM (Other People's Money) Like you go into the Dental Chair for a cleaning and come out toothless.